The European Commission has introduced the Financial Data Access (FIDA) regulation to govern the sharing and accessibility of financial data across the European Union. This initiative represents a pivotal step in building a more open, innovative, and competitive open finance ecosystem.

Following the structuring of open banking under PSD2, the current framework is now showing its limits: fragmented use cases, a restricted scope of accessible data, and rising customer expectations for more personalized financial services.

With FIDA, the European Union is shifting gears. The goal is no longer limited to opening access to payment accounts, but to expanding, standardizing, and securing the sharing of financial data. The stakes are significant: moving from a constrained open banking model to a structured and interoperable open finance framework.

This position paper offers a clear, practical perspective on the FIDA regulation and its concrete implications for financial institutions. It includes:

an analysis of the limitations of the current open banking framework (PSD2)
a breakdown of the expanded scope of financial data
insights into the major regulatory changes introduced by FIDA
an assessment of the operational impacts for banks, insurers, and financial institutions
practical guidance on turning data sharing into a driver of value creation and innovation

For banks, insurers, and fintechs, FIDA represents far more than a regulatory update. The reform will reshape data management and sharing models, require upgrades to technology infrastructure, and increase operational complexity.

At the same time, it creates a major opportunity for innovation and differentiation. Institutions that anticipate these changes will be well positioned to develop new services, strengthen customer relationships, and unlock new growth engines.

Download the position paper now and enjoy your reading.

Strategic Partners - TNP Consultants